The sale price is the same as the independent valuation at 30 June 2012 (Hyprop's mid-year).

R65 million was received on 1 September with the balance to be paid on transfer.

CEO Pieter Prinsloo explains: "Hyprop's strategy is to invest in sizable shopping centres and the hotel therefore does not fit with Hyprop's long-term investment profile. The sale will not have any material impact on Hyprop's results for the year ending 31 December 2012."

While the effective date of the transaction is 1 September 2012, transfer will only take place once certain conditions have been met, including the opening of a sectional title register.